August Employment Figures in Finland Show Positive Trend with 49,000 More Women in the Workforce

August Employment Figures in Finland Show Positive Trend with 49,000 More Women in the Workforce

Finland witnessed an increase in employment in August as compared to the same period last year. Based on the Labour Force Survey conducted by Statistics Finland, the country recorded an increase of 45,000 in the number of employed individuals. Women played a crucial role in this growth, with 49,000 more women finding employment. Conversely, the number of employed men dropped by 4,000. This development has put the seasonally-adjusted employment rate at 77.8% for the 20-64 age group and 74.1% for the 15-64 age group.

Unemployment: A Parallel Narrative

However, the employment story is not all rosy. Despite the overall increase in employment, unemployment figures saw a slight uptick. About 5,000 more people were out of work in August 2022 compared to the previous year, bringing the unemployment rate to 7.2%. This translates to approximately 250,000 job seekers currently in the market.

Expert Insights: Potential Challenges

Petri Malinen, an economist with the Federation of Finnish Enterprises, shared insights into the current employment figures. Malinen opined that the recent downturn in the construction and manufacturing sectors are not yet reflected in the employment figures. He also predicted that the labour market downturn is likely to continue due to Finland’s slowing economic development and the challenges facing Europe’s economy, which is Finland’s primary export region.

Jobseekers and Job Vacancies: A Closer Look

Data from Finland’s Ministry of Economic Affairs and Employment revealed an increase of 10,400 jobseekers registered with employment offices in August. At the same time, the ministry reported a decrease in job vacancies, from 175,000 in the same month last year to 114,000 this year. This indicates a significant mismatch between available jobs and job seekers.

YTK Fund: A Perspective on Unemployment

Further insight into the unemployment scenario is provided by the YTK fund, Finland’s largest unemployment fund. It reported a 1.2% increase in unemployment among its members in August compared to July, and a 0.3% increase compared to last year. Auli Hänninen, the fund’s CEO, pointed out a particularly rapid increase in unemployment rates among individuals aged 55 and over.